RATE Group | Traders Prepare For a Big Bitcoin Drop as Shorts Stack 50%
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Traders Prepare For a Big Bitcoin Drop as Shorts Stack 50%

16 Dec Traders Prepare For a Big Bitcoin Drop as Shorts Stack 50%

Posted at 17:10h in Bitcoin News by

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Crypto traders are preparing for the next big move in Bitcoin, as short positions have stacked up by an additional 50% over the last 24 hours.

Is the first-ever cryptocurrency about to experience yet another fall, or will these fresh short positions be squeezed in a strong push upward into a rally?

Shorts Stack Ahead of Big Expected Bitcoin Drop

The talk of the cryptocurrency market over the last couple of weeks has been the growing spike in long positions on the crypto exchange Bitfinex, nearing the highest levels the metric had ever seen.

Related Reading | Monthly Bitcoin Indicator Flips Bearish, But Still Following Path to New ATH 

But over the last 24 hours, shorts on the popular crypto platform have also spiked, by as much as 50% in just one day.

Oftentimes, when the market begins to fall, short positions pile up in anticipation of a further move lower, but those late to take a short trade end up getting squeezed in a strong push higher. As the price of Bitcoin rises, short trade…

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